Dow transports flying high, but can the industrials catch up?

The Dow Transports
logged a record high Thursday, ending the day up 37.44, or 0.66%, at 5,681.28.

The transports average logged its best opening 15 days in January in more than a quarter century, Richard Moroney, editor of the Dow Theory Forecasts newsletter, told Bloomberg earlier this week.

But as noted in the WSJ\’s MarketBeat blog Wednesday, the Dow Jones Industrial Average
was still 100 points from its October closing high at 13610.15. After Thursday\’s gains, the Dow is only 15 points shy of that mark. But longer-term, it\’s still well off its October, 2007 all-time high of 14,164.53. So Dow Theory purists will have to be patient for a while yet.

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